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Comprehensive Analysis of Dogecoin Price



Elon Musk caused the price of Dogecoin to rise again with his tweets yesterday. After announcing that the name of the Twitter application has been changed to X, Elon Musk added the new logo of Twitter and the Dogecoin symbol to the location information on his Twitter account. With these developments, Dogecoin price increased by more than 11%, but certain resistances could not be overcome during the day. Today, we are examining the Dogecoin chart, which is trying to break the downward trend again.

What Can We Expect According to the Chart?

After consecutive news today, Dogecoin increased by approximately 11% and reached the level of 0.077. Reaching this level with the support of EMA 21 (Exponential Moving Average) on the daily chart, Dogecoin experienced a correction when EMA 200 level acted as resistance. It is not a positive development that EMA 200 level worked as resistance twice in the last four days. Additionally, the resistance line coming from the 0.15 level could not be broken on the 4th attempt.

We are seeing a Dogecoin chart that is trying to break the downward trend in the morning hours. In the squeezed chart, the first resistance currently appears to be at the level of 0.077. With a daily close above this level, both the EMA 200 level will be broken and the downward trend line from the 0.15 level will be broken. After at least two days of closing, the first resistance comes at the level of 0.094, followed by 0.11. On the weekly chart, EMA 200 average corresponds to the level of 0.091, and the possibilities for reaching the all-time high value of 0.70 increase with a weekly close above this level.

Important Levels to Watch and Promising Development

In addition to all these, the resistances that cannot be overcome on the daily chart can be quite frustrating. Although it may be difficult to go through a negative process in a period with such positive news flow, hopes can be somewhat delayed with a daily close below the level of 0.069. If this scenario happens, the first resistance level would be 0.064, and if a close below this level occurs, the possibility of seeing the levels of 0.058 increases.

Although this negative scenario may seem bad, we have a good reason for it not to happen. According to the data we obtained from the analysis site IntoTheBlock, the number of active wallets for Dogecoin has reached the highest level in the past month. After the recent developments, there has been an incredible increase in traffic, especially after July 20.